Good morning and welcome to the lastminute.com Q1 2026 financial results conference call. Today's call will be hosted by Julia Weinhart, Head of Investor Relations, and joined by Alessandro Petazzi, Chief Executive Officer, and Diego Fiorentini, Chief Financial Officer. All participants are currently in listen-only mode. There will be an opportunity to ask live or webcast questions following the presentation. Please note that this call is being recorded. At this time, I'd like to turn the call over to Julia, Head of Investor Relations. Please go ahead. Thank you, Valentina. Good morning, everyone, and thank you for joining us today. It is a pleasure to welcome you to our investor and media conference call. We appreciate your continued interest in lastminute.com, and we will now take you through our Q1 2026 results and strategic developments, followed by our Q&A session. With this, I will hand it over to Alessandro Petazzi now to begin. Thank you. Thank you, Julia, and thank you everyone for joining us as we take a first look at our Q1 2026 results. Actually, I'm pretty pleased to report that we had a very good and resilient start of the year. I think this is important in a context in which media always represents the travel sector in the past few months as a sector in deep troubles. You know, we've been hearing peers talking about, you know, being -20%, -30% compared to last year. This is definitely not what we are seeing. It's not what we're seeing in the numbers of Q1 that we will comment today. It's not what we are seeing in the first trading results in April and May in terms of volume. Our story is definitely a different story. It's a story of growth compared to 2025. I would say that this is not because we're lucky, but it's a combination of four different elements. Three of them are structural. The fact that we mostly sell European destinations to European customers. The fact that we are not concentrated on one single source markets like some of our peers who are just selling in the Italian or the French or the British markets. We sell across all of Europe, and that provides structural resilience together with the fact that we have, of course, dynamic packaging as our core product, but we also provide flights and hotels only as part of our strategy, as part of our product mix, and that's important, especially in moments of uncertainties. The fourth element is more, I would say, a short-term one, and it's about how the team has reacted to the current volatility. Basically, we have adapted our marketing strategy. We have started prioritizing refundable rates. We have adapted our messages to prioritize comfort and security and flexibility, which right now is perceived by travelers as even more important than price, potentially. Overall, people still have a willingness to travel, especially around Europe, but they do value flexibility and trust, and that's where we come into the picture. If we take a closer look at the numbers, you see that reflected in the fact that we've been growing volumes by 20%. Obviously, in February and January, even more than in March, but also March has been growing despite being a bit softer due to the situation in the Middle East. Revenues were up 8%, with EBITDA up 66% and adjusted EBITDA minus CapEx up 26%. Free cash flow, you will see later, is up 46%. Everything has been growing. Basically, a comment on gross profit, which is the only element in which you see a minus sign. Well, first of all, even gross profit would have been growing positively if we didn't consider the cost of cancellations and reprotections, which are really March-specific for customers who were stranded around the world because of the momentary disruption of the Dubai and other Middle Eastern airports. That impacted specifically, you know, March numbers. Without that, even gross profit would have been positive. I would say that more structurally, there is a consideration. Of course, there's been a change in product mix with our selling, you know, relatively more flights than packages, compared to previous quarters, but also a very conscious decision. Basically, we were aware, and that's why I'm talking about the importance of managing the situation. We were very well aware that in Q1, we would have the full benefits from a fixed cost point of view of the cost reduction measures that we put in place in 2025. Because of that, we knew that we had, you know, space potentially to spend a bit more in marketing in a moment in which people maybe were not immediately willing to convert, but were more, you know, browsing and spending more time looking for the perfect holiday or the perfect city break before committing to booking, which potentially led to a bit of increase in the cost per click and in the cost of customer acquisition. We felt that we could afford it because, again, with the lower fixed cost base, we would still be growing at the EBITDA level and at the cash flow level, even allowing for a bit of that. Again, an intentional choice coherent with our strategy and delivering growth even in a challenging environment. With that, I will hand it over to Diego to walk you through the numbers in more detail. Thank you, Alessandro. Good morning, everyone. When we last spoke, we highlighted a clear acceleration in the second half of 2025, which continued through January and February 2026, followed by a softer March due to the evolving situation in the Middle East. Overall Q1 revenues reached EUR 96.4 million, up 8% year-over-year. Excluding the impact of discontinued cruise operations, which are reported under other, like-for-like growth was 9.7%. Flights delivered an outstanding performance, up 36% in Q1, successfully capturing the surge in demand in March following disruption to long-haul travel. Packages were the most impacted segment, but still grew 2% year-over-year as customers temporarily paused summer bookings in March, pending greater visibility. Hotels continued a good momentum, with revenues up 13% in the fourth quarter. If we now look at gross profit, it was down 2% year-over-year after absorbing approximately EUR 2 million of additional costs related to cancellation and reprotection, with packages being the most affected segment. Gross profit was also influenced by the mix effect, with flight carrying structurally lower profitability compared to packages. On slide 7, you can see in more detail the composition of our cost structure between variable and fixed cost. Variable costs were up 16%, including 19% increase in marketing spend, with a clear focus on volume growth to capture shifting demand. Fixed costs were down 7% in the quarter, fully delivering the benefits of the measure initiated in 2025. Operating costs were down 14%, driven by the simplification of the organization despite higher tech cost. The weight of fixed cost on revenue further reduced to 23%, down from 27% in Q1 and 25% in full year 2025. This remains a key area of focus in the coming quarters as we continue to drive operational leverage through disciplined cost control and further organizational efficiencies. Slide eight provides a closer look at our P&L with additional details on what we just discussed. In Q1, adjusted EBITDA reached EUR 15.1 million, up 6%. As previously mentioned, this result includes approximately EUR 2 million of cancellation and reprotection costs linked to the Middle East conflict. EBITA decreased to EUR 8.8 million compared to EUR 9.4 million in the same period of last year, mainly due to higher depreciation and amortization related to projects that went live at the end of 2025. Net result benefit from lower financial cost versus last year, more than offsetting the higher depreciation and amortization, and closed at EUR 6.6 million. Earnings per share came in at EUR 0.62 compared to EUR 0.61 in the same period of last year. I would like to highlight that adjusted EBITDA minus CapEx, which we use as a proxy for operating cash generation, increased by 26% compared to Q1 2025, driven by disciplined capital allocation and stronger cash conversion. Continuing with the breakdown introduced last quarter, we are here providing more granular detail on a rolling 12 months basis to better understand the underlying drivers of cash generation and to smooth out seasonality. Free cash flow over the last 12 months came in at EUR 6.5 million, after EUR 8.5 million of non-recurring items related to cost initiatives and discontinued cruise operation. This compares to EUR 4.4 million in the previous 12 months period. Net working capital absorption was slightly higher versus the previous 12 months, mainly due to an earlier than historical shift to prepaid cards, supported by a stronger financial position. Finally, the net position stood at EUR 71.2 million. In Q1 2026, leveraging the stronger financial position, we repaid all short-term financial liabilities and the remaining portion of the COVID-related loans. With this, I'll pass the word to Alessandro, and I'll be happy to take any follow-up questions during the Q&A. Thank you. Thank you, Diego. As we wrap up the key takeaways for the quarter, we've seen growth obviously, very strong in January and February, a bit less in March, but still strong for the quarter. I would say it's been a quarter of a lot of intentional choices. Even the last one that Diego mentioned about the fact that because of our cash rich position, we decided intentionally to switch more of our payments to prepaid cards in order to, you know, allow for better conditions by the providers, which obviously positively impacted the P&L even at the expense of a working capital dynamic, which was a bit more absorbing than in the previous 12 months period. Again, a choice which delivered good results and improved the unit economics, which also in turn allow us to spend the right amount of money on marketing. Continue the, you know, the very disciplined approach to fixed cost management and efficiency, we could benefit from all the structural actions that we put in place in 2025 and starting reaping the benefits fully in the first quarter. There was growth. As I said, demand is still there, we're still seeing that also in April and May. There was robust cash generation with free cash flow before working capital improving and also the overall free cash flow increasing, as I was saying, 46% year-on-year. With that, I would say that what is important, these are the numbers, but the numbers are obviously always connected to and driven by the things that we do industrially, and I would say, under the hood, as I like to say. As every quarter, we want to give you a bit more sense of that as well. On one side, we've been asked a lot of questions about where our, you know, our revenues come from in detail. You can see here a pretty detailed split of our historical core markets, Italy, France, the U.K., Germany and Spain, which have been the core markets of the company for many years. What we now call expansion markets, the one in a darker violet color. Basically, the story here is that, of course, we've been growing on both sides, so both on the core markets and the expansion markets. The expansion markets have been growing even more than proportionally, as you can see, by reaching 23% of the total of our revenues in Q1 of this year. I think there's a couple of comments here. Obviously, we have a lower market share in some of these markets, so we are growing now at the expense, mostly, I would say, of traditional players in these markets. Markets like the Netherlands, Switzerland, Sweden and the Nordics. It looks these are the markets mostly contributing for this for this growth. It's also a function, I would say, of the media landscape. I mean, the media landscape, talking about travel, is particularly negative in the U.K. and in Italy. These are the two markets which have been, you know, potentially affected by the current situation. Whereas Germany and the Northern European markets, definitely we're not seeing that also in terms of consumer perception, I would say. In Italy for sure, there's also the fact that people can decide, rather than booking a package holidays, to just drive to a beach and book a hotel-only product. Which again, proves the importance of us also having hotels-only product in our mix, so that we can also capture that type of demand. This is where we are generating our revenues, and this is where we're growing. We're also capturing new growth opportunities across new channels. I'm quite happy to let you know that we are now live with our MCP service integration, not only with in Claude, as we already announced a few months ago, but now also in ChatGPT by OpenAI. On this page, you can see an example of how the customer experience looks like if you want to search and book for a flight, in this example, on ChatGPT. We will soon be live with dynamic packages as well. We have already submitted everything that is needed to OpenAI, we're just waiting for them to publish our integration. They did it with the flights. They will do it momentarily in a few days with dynamic packages as well. What I think is interesting is that we're also, it's not just, you know, a nice showcase and a nice demo, but it's something that is already starting to deliver some bookings. Obviously, the numbers are still tiny compared to the numbers that we get from Google, as you can imagine. In general, customer tendency is still to go to AI for inspiration, get suggestions on, you know, ideal destinations or off the beaten path ideas. Then when they have a more clear idea of the destination or even of the hotel they want to be in, then search for the hotel or the package directly on Google. That being said, the growth on tiny numbers, but it's been exponential. I think the important thing for us is to be there, is to be present wherever customers are looking for travel options and be able to be the fulfillment partner and the reliable, trusted partner to make sure that you can enjoy a safe holiday wherever you are. That's also, I think, very, very important. Because of all of that, we can confirm again our guidance for the full year 2026. As I was saying, also in April and the very first days of May, we're seeing still demand and orders growing compared to 2025. We still maintain our guidance. With that, I leave it to Julia for details on our financial calendar and where we will be speaking over the next few months, obviously to take your questions. Thank you, Alessandro. Here is our upcoming financial calendar, including our annual general meeting on the 24th of June and our publication of our half- year report July 30th. We will now begin our today's Q&A session, starting with the live questions first, followed by them submitted via the webcast. Please note that similar questions may have been grouped together again. In line with our privacy and data protection policies, we remind participants that stating your name when asking live questions is optional. With this, I will hand it over to Valentina again, our Chorus Call operator, to begin with the first live question. Thank you, Valentina. Thank you, Julia. The first question from the phone comes from Volker Bosse from Baader Bank. Please go ahead. Yeah. Hello, good morning. Volker Bosse from Baader Bank speaking. I would like to start with three questions. First question is on the sales split by product segments, which you provided in the presentation packages was up 2% in sales, so rather flat and on gross profit base, it even declined by 3%. Could you give us here the reasons and the background for that development as historically packages was more the gross driver? Curious to get your insights here. A second question would be on current trading. You already indicated that April is back to growth, above 2025. Does that mean that it also back to the growth levels which you saw in January and February? Is it more in gradual recovery from what we saw in March? Perhaps also in that regards, do you see any underlying changing trends in regards to bookings? Meaning perhaps shorter stays. Yes, of course, less Middle East, that is obvious. Shorter stays or other things you could share with us. The third question, finally. Yes, you have a strong partnership with Booking.com, but at the same time, you're investing in your standalone activity. Could you give a bit more granularity in regards to growth? What would have been the growth on a standalone basis? What is the growth which is linked to Booking or something in that regards? Thank you. Thank you. Thank you, Volker, for the continued interest. You might remember that we will answer one question at a time to give everyone the possibility to ask their question. We will answer your first question and then answer questions from other speakers and get back to you as we finish the first round of answers. Thank you. The first question regarding growth on packages and from a revenue and gross profit point of view, I would say a couple of things. First of all, we saw the cancellation and reprotection effect of EUR 2 million impacting only, or mostly, I would say, the packages product. In the absence of that extraordinary effect linked to the March situation, the growth would have been positive also from a gross profit point of view. That's number one. The second consideration is that we report packages jointly with two different products. Dynamic packages, which are the lion's share of our revenues and the strategic pillar of our growth. Also we have a business in Germany under the brand weg.de, which basically distributes products by other tour operators. The two main ones are TUI and DERTOUR Group. This is the business that has been definitely under pressure. The relatively limited growth that you see on packages as such is actually a combination of good growth on the core dynamic packaging and a decrease year-over-year of the tour operating distribution business. By the way, this is something which I've already, I think, said a few times, that it's a business that of course we like, generate positive cash flow for the company. At the same time, we also realize that we do not have a particular, particularly strong, competitive advantage because we do not control the product. We distribute someone else's product. Of course, we have a good brand that people love in Germany, and we want to leverage that. On a longer term point of view, the core, the core focus is on making sure we control our product with dynamic packages. I will move to the second question before potentially going back to Volker later on. Okay. Do we have another live question? Valentina? The next question. Yes. The next question comes from Baptiste de Leudeville from Kepler Cheuvreux. Please go ahead. Yes. Hi. Thank you for your presentation. My first question would be on the Middle East. Can you provide some numbers to just to quantify the importance of the Middle East in your business? Maybe in terms of gross travel value or percentage of total bookings, for example. Thank you. Yes. Hi, Baptiste. Well, actually, we gave an indication of that in the previous announcement a few weeks ago. Basically, the total of people impacted by the situation is approximately equivalent to two days of our sales. Two days out of 365 days. This is the impact that we're seeing. Very minimal, as you can guess. I hope that clarifies. Yes. Yes. Thank you. At the moment, we have no more questions from the phone. Thank you. I guess we can move to the question we received on the chat. Yes, of course. We will start now with our webcast questions we have received this morning. I will start with the first one. Could you please clarify to what extent lastminute acts predominantly as an agent versus a merchant for flight bookings, particularly with regard to pricing responsibility? Given the recent sharp increase in jet fuel prices, do you have any fixed or confirmed price commitments towards end customers at the time of the booking that could expose the group to margin risk if airlines subsequently raise fares? Thank you. Pretty technical question. Let's take a bit of time to clarify. Basically, in our operational model, we have two different frameworks, with different responsibilities toward the customer and different risk profile. Okay. When we talk about the flights- only segment, we have the agent model for sure. In that case, we act strictly as an agent intermediary between the airline and the end customer. We do not hold the physical inventory. We do not enter into pre-acquired flight commitments. That's the first one. The second one, very different. When we sell dynamic packages of flight and hotel and potentially transfer and activities together, then lastminute.com acts as the principal, and we are responsible for the trip. In this context, we will not be applying surcharges to package holidays already booked by customers or new bookings for the summer period. What could potentially happen is that airlines might decide to do a surcharge directly to the customer, but, you know, it's not something that we would be doing. And I think that is very important because basically it's very important for us to pass on the message that when you book a fully managed travel solution with us, we can take care of the complexity, and if we're not able to provide you an alternative in case of disruptions, then we will refund your booking. Basically back to the point, jet fuel prices, airlines might decide to do something, this is directly between the airline and the customer, not with us. Thank you, Alessandro. I'm moving now to the next question. Just to remember, new projects in 2026 are capitalized. How long is this cap period? Thank you, Julia. I take this one. First of all, the actual development phase is the period where we are building the asset, and this can be, it can be, from few weeks to more than a semester before it is deployed into production and amortization begins. It can take different period of time according to the projects. Once the project is deployed into production, we typically amortize it over two years because this is the period where we expect the project to generate cash flows. Thank you, Diego. The next question: Could you please clarify the rationale behind the reimbursement of the uncommitted credit lines? Specifically, was the repayment initiated at the request of the leading banks? Of the lending banks. Yeah. Well, absolutely no. It's rather the opposite. We had a stronger performance in the second half of 2025, which led to a stronger financial position, which means that we had a lower need of short-term financial debt during the low season, which typically goes from November to February. Also, we were able to pay back the debt in advance compared to previous year. On top of that, as I previously mentioned, we also took the advantage of the liquidity position to repay all the remaining portions of the COVID loans related to the COVID era. Thank you, Diego. What were the operational efficiencies leading to massive 14% savings year-over-year? Alessandro, could you please take that question? Yes, of course. Basically, we had savings year-over-year of 14%, which are the results of various initiatives of cost rationalization that we initiated last year to improve our operating leverage and build long-term value for the company. One is a simplified organization with fewer legal entities on one side, and also, as you might remember, we have exited the unprofitable cruise distribution business. We have also reduced management layers and created a more efficient organization. That's one aspect. Another aspect is the aspect of supplier consolidation. We really focus our procurement efforts on a few strategic partners and focused on renegotiating leverage towards fewer partners rather than distributing our purchasing power capabilities across a lot of different providers. The other element obviously is AI. I mean, everyone is talking about AI these days. In our case, we've been talking a bit about it. We will be talking even more about it in the future, it's a big component of our cost efficiency efforts. We're doing a lot on automating processes across several workflows. Obviously, customer service is the first area that comes to mind, customer service and operations, it's much broader than this. There's not a single function in the company embrace AI and automation in all their possible forms. This helped us streamline our internal operations, but also reduce the dependency on external software systems and SaaS third-party platforms, and therefore also reducing our software licensing fees. Thank you, Alessandro Petazzi. Moving on to the next question. Could you please elaborate on the 19% rising marketing and sales have been restated to better align with the company's current operational structure? Okay. Thanks, Julia. Well, first of all, as mentioned, this increase in marketing spend in demand we have seen in Q1. Regarding the footnote, well, that simply highlights the fact that since few quarters, that line also includes other sales cost, such as distribution, acquisition expense. Go. Moving to the next question, could you remind me what is the basis of Q1 flight continued strong performance? It's basically to do with the improvement of unit economics, which is linked to ancillary reach on one hand, meaning that we're able progressively via, you know, work and improving the integrations we have with suppliers to increase the show rates of ancillaries that we show on flights. The more people buy ancillaries on top of just the seat on the flight, obviously, the better unit economics we have and the more we can invest in marketing in a profitable way to expand those volumes, especially on the meta search channel, where small differences in pricing really make a difference in terms of volumes. Of course, if you have better unit economics, then you can also be more flexible on pricing. We keep on working on our pricing algorithms and structure, and that was the second element which helped us. Thirdly, I would say we also improved the, you know, automations and provider integrations, which improves the booking quality, meaning that we have fewer error rates on bookings. Again, this means that, especially our meta search partners are willing to promote our offers more because we are reliable, not just from a brand point of view, but also from a technical point of view, it helps us being shown to customers more frequently. All of this creates a positive flywheel effect. Thank you, Alessandro. I have just tried to ask ChatGPT for a similar flight, but have not got any lastminute.com corporation proposal. Even when I ask directly, it says a direct booking can be made. When will public ChatGPT booking start? Well, no, actually, it's already public. The fact is that, I mean, there are different ways in which chatbots interacts with companies like us, right? I mean, the traditional one, which is what you try to do by interacting with the chatbot, you know, we can all do if we just write there, is basically that the chatbot acts a bit as a search bot with a different underlying technology, but conceptually start browsing websites and finding flight alternatives. Obviously it might find lastminute, it might find Skyscanner, it might find any of the many meta search or OTAs out there. A bit similar to the SEO type of approach, which is why currently people are talking about GEO as a generative AI optimization, even the way to do it is a bit different. What we were mentioning in our slide is a different thing, which is the integration in the app ecosystem of ChatGPT. In order to see exactly the type of user interface that I showed you have to go to ChatGPT settings and connect the lastminute app under the connected apps. Once this is enabled, the flight search request will show automatically results powered by lastminute.com directly. Obviously, in order to do this, you need to know that you know the brand lastminute and that you want to do that. It's also true that there are not so many travel apps which are already integrated in that ecosystem. Whoever goes there and just takes a look at, "Oh, let me see what's out there," finds our app in a pretty prominent position because obviously it's not so crowded as, for example, the Apple App Store. Thank you, Alessandro. Moving to the next question. Could you share how these markets have developed in terms of margins? I guess the question refers to the expansion markets. Economics have been developing positively and are closing the gap, but progressively with the core markets, which is exactly why, again, I insist on unit economics because that's the foundation. Once you have, our key criteria is that we want to be profitable at the time of the first transaction with, you know, any customer, which means that whatever unit economics we have on a booking is the limit to what we can spend. We have some re- acquisition cost versus lifetime value of the customer. Typically, this ratio is between 2 or 3 times. The lifetime value of the customer must be 2 or 3 times the customer acquisition cost in order for us to make the choice that that type of investment is profitable and worth doing. We're seeing positive development especially in Switzerland, the Netherlands, Benelux, and Nordic. Positive contribution to the unit economics and to the P&L, even in the context of expanding marketing spend. Thank you, Alessandro. Can you paint a picture for the summer season main trends? Well, I mean, it's nothing particularly surprising, I would say, in the sense, first of all, we're not seeing indications of a broader negative trend in terms of travel interest and demand. As I was saying, we already disclosed probably in our last announcement that we've seen a shift in destinations away from certain, let's say, Middle Eastern destinations, more towards European destinations. We've seen a growth of Spain, we've seen a growth of Portugal, we've seen a growth of Italy as destinations. We also saw an increase of really last-minute bookings. Historically, because of our brand name, obviously, 70% of our bookings happened in the 30 days prior to departure, and this is even increasing in the past few months. I would say this is partially because of our brand and partially because of the current situation. In the current situation, as we highlighted also in our press release, we are, I think, uniquely positioned to capture this type of request coming from the market, which is also one of the various reasons which explain why we're seeing growth in a context in which a lot of players are talking about year -over- year decrease. Thank you, Alessandro. As of now, we have no more webcast questions available. I suggest, Valentina, if you can go back to Volker kindly to address his questions he still had. Thank you very much. Yeah. Yeah, I do remember actually Volker questions. I think I can already address them. Thank you, Volker, for your patience. Even if frankly, I will not have much to say in the sense that at this stage, considering it's May the 6th, and we will announce our Q2 results on July the 30th. I already gave you, let's say, a general update on what we're seeing from a trading point of view. I would say it's too early for me to make further comments on the detail of the type of growth that we are seeing in this 36 days since the end of Q1. I would only say that it's definitely positive compared to 2025. It's positive across the boards in core markets and expansion markets as well. On the second question regarding, obviously, yes, we have a very good relationship with Booking.com that continues. We're not disclosing numbers there. What we can say in general is that we are increasingly investing in our own brand in all the markets in which we're present with Booking.com, and they are perfectly fine with that. As you know, the lastminute.com brand is also very prominent if you click on the flight and hotel tab of Booking.com, and it's a feature, not a bug. It's by design because basically, it's very important for Booking.com to signal to their customers that all the protections in place for packages which are regulatory, you know, regulated in a very, in a very clear way in Europe, are a responsibility of lastminute.com. I would say it's a win-win situation. We're happy that our brand is so prominent there, and we're happy that we can invest in our brand in the markets. They're happy that we take care of all the complexity of managing a package holiday. At this stage, Valentina, may I ask you if there were any other live questions? Sure. We have a follow-up question from Baptiste de Leudeville from Kepler Cheuvreux. Please go ahead. Yes. It's me again. Yeah, question about your feeling, because we have a 6% growth adjusted EBITDA in Q1. Although Q1 is not fully impacted by the Middle East crisis. My question is that you, well, you confirm your guidance, but in terms of basis of comparison, it seems to me that it is more difficult on revenue because of the Middle East crisis and also on the cost, because you will have less favorable basis of comparison from Q2 or Q3, I think. Yeah, my question is, are you as confident as you were three months ago, basically? Thank you. Please. Thank you, Baptiste. Well, obviously, I mean, let's not be naive, you know. I'm sure that all of you have been watching, if you're following the travel sector, the press conference that the CEO of Ryanair gave on similar questions. None of us in the sector has a crystal ball of exactly what's gonna happen. I think that the developments that we've seen in the past few days are pretty positive. You might have read in the U.K. of the decision by the CAA, for example, to allow airlines to optimize their routes in advance without risking to lose their slots, as opposed to having the usual strategy of not canceling flights until the very last second in order precisely not to lose the availability of slots. Because the regulation normally says, if you cancel a flight, two months in advance, then you will lose that slot. If you cancel it, on the very same day for operational emergency, you don't lose it. That created a perverse incentive for airlines to cancel flights at the very last second and do not give consumers a certainty about that. CAA changed that, and now airlines can optimize. What we're seeing is that, in some cases, they are reducing certain routes. For example, there is, you know, easyJet, instead of having six flights per day from Gatwick to Nice, might, and again, might, I'm not saying they will. I don't know. They might decide to reduce it to, you know, four. Maybe British Airways going from London to New York, eight flights a day currently. Maybe they will decide to go down to six, you know. That kind of adjustments of tweaks is what we're currently seeing, and not more than that. Will that change? Difficult to say. Up to now, we haven't seen it, and that's why at this point, all the data points in the direction that we can confirm our guidance. I believe with this we can close for today's call, as we have no more webcast question as of today and no more live questions. I hand over to Alessandro for his final words. I mean, I think that we've been talking about certain topics a few times already. We're satisfied about these results. I think that they are proof of the resilience of our model, selling European destinations to European customers across Europe, not just one source market. Multiple products, with dynamic packaging, obviously at the core, but also the possibility to be flexible when people are potentially searching more for hotels or flights- only in certain markets, in certain moments. Also a very proactive and intentional approach to managing the situation and adapt our product and our marketing strategy. That proved to be, you know, the source of good results for Q1, and I look forward to seeing you all again on July 30 on our Q2 call and some of you potentially at the various conferences that we will be attending over the next few weeks. Thank you, everyone. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.